Mumbai’s bustling financial hub witnessed a steady start to trading on Wednesday as the Indian stock market opened on a flat note. At 9:20 AM, the Sensex edged up by a mere 7 points to 83,458, while the Nifty climbed 1 point to 25,724. This cautious beginning set the tone for a session where metal stocks emerged as the primary stabilizers.
The Nifty Metal index led the charge, surging nearly 1% and topping the gainers’ list among sectoral indices. Other sectors like PSU Bank, Commodities, Financial Services, India Defence, Healthcare, FMCG, Pharma, and Realty also painted a green picture, reflecting broad-based support in non-IT segments. In contrast, IT, Energy, and Services sectors lagged, trading in the red amid ongoing volatility.
Midcap and smallcap stocks outperformed their largecap counterparts, injecting some optimism into the market. The Nifty Midcap 100 index rose 172 points or 0.29% to 60,054, and the Nifty Smallcap 100 gained 59 points or 0.35% to 17,208. This divergence highlights investors’ preference for smaller companies amid a stable macro environment.
In the Sensex pack, standout performers included Tata Steel, BEL, ITC, SBI, Bajaj Finserv, Ultratech Cement, Bajaj Finance, M&M, Sun Pharma, Titan, Indigo, Eternal, Asian Paints, and Bharti Airtel, all posting notable gains. On the flip side, Infosys, Tech Mahindra, HCL Tech, ICICI Bank, HDFC Bank, TCS, Kotak Mahindra Bank, and NTPC faced selling pressure, dragging down the index.
Market experts attribute this mixed sentiment to robust third-quarter earnings and positive global cues boosting investor confidence. However, AI-driven fluctuations could keep IT stocks on edge. Globally, major markets like Shanghai, Seoul, and Hong Kong remained closed for Lunar New Year holidays, while Tokyo, Bangkok, and Jakarta traded higher. US markets had closed strong on Tuesday.
Commodity markets mirrored the upbeat mood, with WTI crude up 0.19% at $62.38 per barrel and Brent crude gaining 0.28% to $67.60 per barrel. Gold rose 0.66% to $4,938 per ounce, while silver held steady at $74.54 per ounce. As the day progresses, traders will watch for any shifts in global energy prices and corporate updates that could sway the market’s direction.